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Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise Hardcover – February 15, 2011

by Carl E. Walter (Author), Fraser J. T. Howie (Author)
4.3 4.3 out of 5 stars 35 ratings
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Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise
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The truth behind the rise of China and whether or not it will be able to maintain it

How did China transform itself so quickly? In Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise, Revised Edition Carl Walter and Fraser Howie go deep inside the Chinese financial machine to illuminate the social and political consequences of the unique business model that propelled China to economic powerhouse status, and question whether this rapid ascension really lives up to its reputation.

All eyes are on China, but will it really surpass the U.S. as the world's premier global economy? Walter and Howie aren't so certain, and in this revised and updated edition of Red Capitalism they examine whether or not the 21st century really will belong to China.

  • The specter of a powerful China is haunting the U.S. and other countries suffering from economic decline and this book explores China's next move
  • Packed with new statistics and stories based on recent developments, this new edition updates the outlook on China's future with the most cutting-edge information available
  • Find out how China financed its current position of strength and whether it will be able to maintain its astonishing momentum

Indispensable reading for anyone looking to understand the limits that China's past development decisions have imposed on its brilliant future, Red Capitalism is an essential resource for anyone considering China's business strategies in today's extremely challenging global economy.

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  1. Print length
    256 pages
  2. Language
    English
  3. Publisher
    Wiley
  4. Publication date
    February 15, 2011
  5. Dimensions
    6.4 x 0.95 x 8.92 inches
  6. ISBN-10
    0470825863
  7. ISBN-13
    978-0470825860
  8. See all details
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4.3 out of 5 stars
35 global ratings

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Top reviews from the United States

  • Malstronikus
    5.0 out of 5 stars Great New Book on China's Financial System
    Reviewed in the United States on March 1, 2011
    Verified Purchase
    This book is a great new addition to the existing literature on China's financial system.

    The author's go through in surprising depth the main components of the Chinese financial system and how it differs from Western free markets. I particularly enjoyed the political economy aspects they included in the book, giving insight into why the system has evolved into its current form.

    Also a plus for this book are the copious charts and graph included in each section, a great help when trying to follow along with complex financial transactions.

    The only downside for this book is that the editing seems a bit lax. In several sections the sentences don't seem to quite flow naturally, leading to assertions being made without supporting reasoning.

    Overall a great book on a topic that will be critically important in the future.
    11 people found this helpful
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  • Law student
    4.0 out of 5 stars Great, but wow can you say huge Zhu Rongji crush?
    Reviewed in the United States on February 27, 2011
    Verified Purchase
    I really enjoyed the description of China's financial setup. I think this book makes a relatively dry sounding subject quite enjoyable and I finished reading this book in about a day -- the only real concerns I have are two 1) Man the writers have a giant man crush on ex-Premier Zhu. For about 90% of the book, Zhu is the peerless reformer of the financial system...and then suddenly in the penultimate chapter Zhu's reforms are made to appear as the fundamental cause of the deepening corruption among China's 'princeling' party. 2) Despite the relatively grim description of the financial system and the growing corruption in China the writers, in less than a page, conclude that "China will not follow Japan's path because its geographic and population size, and the constrained nature of its banking system" which I must admit did not make much sense to me, malinvestment is malinvestment. I am also unsure about their argument that because it took 20 years for Greek perfidy to come to light regarding their financial and fiscal state the PRC's opaque system is safe from a crisis of confidence.

    Still, this is a great book and I would definitely recommend it to anyone even remotely interested in China...and by extension the rest of the world.
    33 people found this helpful
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  • Dr.Charles Dusenbury
    5.0 out of 5 stars CAPITALISM W/O FREE MARKETS?
    Reviewed in the United States on October 23, 2011
    Verified Purchase
    This is a very readable and engaging book, not at all to be confused with that "Econ. 101" class you may have yawned through.

    Like the very fireworks they invented, China has burst onto the global financial stage with such startling brilliance that it has been called the "Chinese Economic Miracle". But, can it be that we are living in a new Age of Miracles, or has the brilliance of this "Economic Miracle" blinded those upon whom we mere mortals depend on for financial guidance? As Messrs.' Walter and Howe point out, "The West, its commentariat and investment analysts all saw this as a miracle because they had never expected it."

    Apparently defying all common laws of economic gravity, China's rapid and continual economic growth seemingly floats above the financial tumult that has engulfed so much of the world's longer established commercial and banking communities. Have those in China who are guiding this "Miracle" come across a workable formula for a sustained, economically "just society", or are they acting like economic alchemists, turning opaque facts and figures into fools-gold for trusting western investors?

    This book has really inspired me to look deeper into my own hopefulness that at least one economy in the world, China's, would remain standing long enough for the rest of the global economy to regain its footing. Now it seems that much of the Chinese Economic Miracle has been performed on a stage set and the wobbly behind-the-scenes props of corruption and secrecy may be in imminent danger of collapse. After reading "Red Capitalism", the reader may well come away with a greater appreciation for "Red, White, and Blue Capitalism".

    Dr. Charles Dusenbury
    2 people found this helpful
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  • John Pomfret
    5.0 out of 5 stars China is wobbling, this book can tell you why
    Reviewed in the United States on January 29, 2016
    Verified Purchase
    This is a really good book on how the US and other investment banks played an enormously significant role in, effectively, saving the Chinese Communist Party in the 1990s. The story Frasier and Walter tell is still a really important one so this book is as relevant now as it was in 2012 when it came out. I'd recommend it to anyone who wants to understand China's economic challenges and the impediments to reform.
    2 people found this helpful
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  • Tom Dylan
    5.0 out of 5 stars Common Sense
    Reviewed in the United States on February 17, 2011
    Verified Purchase
    I don't need to read it, everyone in China knows it's true, but afraid to even think about it, just pondering the thought will get someone in trouble with the collective consciousness that rules the country. Nobody even dares go anywhere near that machinery, you touch their junk you die. It's sad, but I still play in that casino, I need to pay my bills, it's that simple.
    2 people found this helpful
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Top reviews from other countries

  • The Shovel
    5.0 out of 5 stars A very detailed and credible look at Chinese banking.
    Reviewed in Canada on January 3, 2016
    Verified Purchase
    Dense, detailed, well supported by data. A great read for anyone who wants to understand how China got to where it was in 2010, and it provides clues about what may happen next.
    Report
  • Milo di Thernan
    5.0 out of 5 stars They are on to something
    Reviewed in the United Kingdom on June 20, 2011
    Verified Purchase
    It will take years to get to the bottom of the biggest concern facing investors in China: the credit quality of local government borrowing. We know three things. First, credit expansion since 2008 has exceeded 50% and credit booms rarely end well. Second, much of it has been incurred by local governments, to fulfil central government economic stimulus edicts. Third, this kind of debt has hit the wall before and still resides on listed bank balance sheets in the form of low yielding bonds, which keep on getting extended, rather than repaid, probably because the underlying assets can not or will not be liquidated. One possible implication? China does not write off its debt in the way that Western bank rescues do. If this carries on, and if more lumps of low yielding quasi-sovereign debt are placed on to bank balance sheets as a result of the 2008-2010 credit boom (to pay for removing the bad debts from them), their RoEs will fall, compromising their ability to pay the dividends that ultimately service debt (because the same quasi-government issuers own much of the listed bank equity and use the dividends to service their debt to the banks). I can not say how much of this is my interpretation and how much I learnt from this book, and do not want to put words into the authors' mouths with this review - even though much of my understanding has been gleaned from reading their book. It is thought provoking, timely, as factual as it can be given inadequate information, and rich with experienced judgement. You will not find a more considered or provocative analysis of modern Chinese banking, so you really should give it a go, to see how it changes the way you think. Since it replaces hunch with informed hypothesis, it will help you to get much closer to the truth of the situation as more facts and events emerge on what is still a very young and untried banking system.
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  • George Norris
    4.0 out of 5 stars As interesting as book about China's financial markets is ever going to get
    Reviewed in the United Kingdom on August 5, 2012
    Verified Purchase
    Two Westerners with 30 years experience in China's financial sector delve into recent history to help the reader understand how China's financial system got to where it is today. From the exterior China looks like a fighting fit capitalist economy, but its internal organs are weak.

    - Missing heart. Banks are the heart of China's system (providing 73% of finance) yet risk is barely factored into lending decisions. "Peoples Bank Of China writes the cheque for party profligacy". The Party directs bank lending to State Owned Enterprises, resulting in banking sector bankruptcies (in all but name) at the end of each decade: 70s, 80s, and 90s, and one estimate of the late 90s/early 2000s bank recapitalisation is 28% of China's 2005 GDP (compared with 5% of US's GDP for TARP in 2008) We have yet to see bank recapitalisations after the credit splurge if 2009, but the authors argue it is just a matter of time.

    - Missing lungs. Bond markets lack the two fundamentals of a market set price and a secondary market. They also fundamentally miss the point of a capital market, as 70% of bonds are anyway held by banks (why not just give a loan in the first place???).

    - Missing stomach. The stock market is a 'policy market', and is essentially whatever level the government chooses it. "China's stock markets are not really about money, they are about power". Many of the largest "private listed" companies remain majority government owned (85% for Petrochina, over 40% for banks) with Communist Party assigned heads. "Private property is not the central organising concept of the Chinese economy; rather the central organising concept is tied to control and ownership by the communist party."

    Finally, China's economy has two legs.
    -One leg is 'inside the system' State owned Enterprises - "more politically competitive than economically competitive", they enjoy state bank directed lending and regulatory support. 54 of the largest SoEs have their heads appointed by the Communist Party, hold Ministerial rank in the Party and outrank (in Party terms) the bank heads. You can imagine how the conversation goes when the head of Petrochina asks the bank for money...
    - The other leg is 'firms outside the system' without access to financing or power. These rely on the bewildering array of trust companies and pseudo-banks who fill the role the banks cannot (banks are forbidden to freely set interest rates which reflect the full risk, so most prefer not to lend to risky non- State owned firms). Westerners know of the export prowess of China, but this is largely In Guangdong and the Yangtzse river delta (home to 70% of China's Foreign Direct Investment), the successful 'outside the system' firms know they are better off trading with foreigners rather than China's "inside the system" tycoons.

    The book is pretty critical of China, they deliberately go out of the way to counter the panglossian hyperbole in the Western media about China, and how far (or not) they have gone down the road to capitalism. It is not a light read, but useful if you need to know the detail.
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  • Faulkner
    5.0 out of 5 stars Essential reading
    Reviewed in the United Kingdom on June 25, 2011
    Verified Purchase
    In many ways, China is an amazing place but serious thought needs to be given to its strange hybrid Communist/Capitalist economy that appears (for the moment) to be defying gravity and rewriting economy theories. Finally, somebody has written the book about the extremely suspect underpinnings of the modern Chinese economic miracle.

    Admittedly this is not a book for a general population but it is essential reading for anybody who is thinking of putting their hard earned capital to a 'Chinese themed' investment which runs from EM equities, commodities to even Western auto or luxury goods manufacturers. It is also a book for anybody, like me, who when visiting China doesn't stand in awe of of the new buildings, airports or roads but rather wonders 'How are they paying for this?' or 'Who is going to use this?'.

    Despite the complex subject matter the book is written in a lucid and engaging style. It is very well researched and manages to capture the various politics, economics and accounting involved with how the Chinese banks are managed. Ultimately, the book shies away from delivering really hard hitting conclusions other than 'there is likely to be trouble ahead', there again the PRC doesn't like criticism. For those that are interested, I couldn't recommend this book more.
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  • Adrian J. Smith
    5.0 out of 5 stars A comprehensive analysis of China's Financial System
    Reviewed in the United Kingdom on March 4, 2012
    Verified Purchase
    Red Capitalism dispels the commonly held view that China has been on a non-stop period of economic growth since the 1980s, and it's system is insulated from the mistakes, and runaway capitalism that brought about the crash of 2008.
    Rather, China seems to retain the worst of both worlds, with local debt spiraling out of control from 2008's stimulus packages, and a banking sector that stands as a potent case against state owned banks.
    Lending is increasingly politicized in China, with the government and the party pulling the strings in directing lending to State Owned Enterprises, with often dismal returns on the loans.
    China, as this book reveals, has previously implemented banking reforms and rescues, particularly the good bank/bad bank model as has been implemented elsewhere.
    On the whole, a very decent book filled with immense detail and scholarly research, and strongly recommended to followers of finance and economics, though those unacquainted with the detail of finance may at times struggle with the book.
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